San Diego County pension trustees have tapped their chief investment officer to take over as interim CEO while a nationwide search is conducted for a permanent new chief executive.
During a special board meeting Thursday, interim CEO Stephen Sexauer told the San Diego County Employees’ Retirement Association board the new CEO should focus on human resources, information technology, accounting and auditing.
He told trustees he would define the ideal candidate and include that profile in a contract solicitation to be distributed to executive search firms.
Sexauer said he expects to have what’s called a request for proposals before the pension board later this month, with the idea of selecting a firm by June and returning to trustees with a handful of CEO candidates by August or September.
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The nearly $12 billion retirement system lost its chief executive April 30, when CEO David Wescoe resigned unexpectedly. Longtime Trustee Richard Vortmann’s surprise resignation also was announced at last month’s pension board meeting.
Sexauer was handpicked by Wescoe in 2015 to take over the fund’s investment decisions after the previous CEO pushed for an outsourced chief investment officer who ended up costing the system $10 million a year.
Pension officials said Sexauer receives an annual base salary of $362,794 a year as chief information officer.
“There will be no change to Steve Sexauer’s salary as CIO as a result of his additional appointment as Interim CEO,” said Rebecca Wilson, chief of staff for the pension system.
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The San Diego County Employees’ Retirement Association manages pension benefits for about 44,000 current and former county employees and those of the county Office of Education, the San Diego Superior Court, the Local Agency Formation Commission and the San Dieguito River Park Joint Powers Authority.
Wescoe announced his resignation in an emotional farewell address last month, saying he had accomplished his goals and would be accepting an unspecified position in the private sector.
In another vote Thursday, the pension board unanimously appointed Trustee David Gilmore to the audit committee chaired by county Treasurer Dan McAllister.
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County pension board names interim CEO, lays out criteria for permanent leader - The San Diego Union-Tribune
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